How criminals have been laundering dirty money through Australia's property market | The Business

By ABC News (Australia)

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Life's about to get a lot harder for criminal gangs with bags of cash hoping to buy property. Australian real estate has been an easy target, but under the so-called Tranche-2 laws, real estate agents, lawyers and accountants will have to raise the alarm on suspected money launderers, or risk fines running into the millions of dollars. The anti-money laundering law change has been more than a decade in the making. It means those professions and others such as gem dealers can no longer accept funds without asking questions or reporting to financial crimes agency AUSTRAC. Organised crime has been investing in real estate, pushing up prices, through the loophole that will be closed on July 1. #ABCBusiness Subscribe: http://ab.co/1svxLVE Read more here: https://www.abc.net.au/news/2026-06-29/real-estate-easy-target-criminals-laundering-money-until-now/106841680 Note: In most cases, our captions are auto-generated. #ABCNEWS #ABCNEWSAustralia

Tags: Australia, abc, abc news, news, business news, finance news, economic news, economy, finance, the business, abc news australia, the business abc, money laundering, tranche-2 laws, anti-money laundering, real estate, property, AUSTRAC, financial crimes, Daniel Ziffer